The American Economy RIP

Guest Post by Paul Craig Roberts

“Permit me to issue and control the money of a nation, and I care not who makes its laws.”  —Mayer Anselm Rothschild, 1790

Thirty-eight years ago when I was in charge of United States domestic economic policy, the US Treasury and President Reagan believed that the purpose of economic policy was to serve the country, not Wall Street and the banks or the corporations or any of the various organized interest groups.  Our idea was that policy  could not be for this or that part of the economy.  It had to be for everyone.

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RIP RICHARD RUSSELL

It’s weird sometimes how curiosity leads to understanding. I started reading John Mauldin’s weekly newsletter in 2002. He referenced the writings of Richard Russell in one of his letters. He wrote a daily subscription newsletter, but I found a number of his articles for free and was immediately impressed by his reasoning and logic. I subscribed to his Dow Theory Letter and read his thoughts every day. His sound arguments for owning gold convinced me to invest in gold stocks, gold mutual funds, physical gold, and upon its issuance GLD. This was 2004, so I enjoyed excellent returns over the next seven or eight years.

I stopped paying for his newsletter in the late summer of 2008. It was clear to me we were about to experience an economic meltdown and he came out with a huge BUY recommendation just before the September 2008 collapse. I lost faith in his advice. Nobody’s perfect, but I don’t need to pay for bad advice.

I still think he was a brilliant analyst and I owe him a huge debt of gratitude. I had never heard the name Ron Paul until Richard mentioned him as the one decent politician in Congress. I started reading the writings of Ron Paul and became convinced he was the only person in Washington DC who had the right solutions for the country. I became a huge supporter of his 2008 bid for the GOP nomination. My outrage at how he was scorned and ridiculed by the neo-con GOP establishment and their media mouthpieces at Fox News, led to me to write the first article of my life – Why We Need Ron Paul – which was kindly published by Lew Rockwell.

So, in a way, Richard Russell is responsible for this website. Thank you Richard, and rest in peace. You left at the right time. 

From Richard Russell’s Family

It is with great sadness that we report the passing of Richard Lion Russell on Saturday, November 21. Richard had gone to the hospital a week earlier with abdominal pain. He was diagnosed with blood clots in the leg and lungs and other untreatable ailments, but was able to return home under hospice care. He spent his last days surrounded by family and visited by close friends.

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R.I.P. Yogi Berra

Legendary New York Yankees player Yogi Berra dies aged 90 after fighting in D-Day, winning ten World Series and coining countless phrases.

Yogi Berra, pictured, was a massive fan favorite at Yankees Stadium thanks to his heroics on the field

 

1. When you come to a fork in the road, take it.

2. You can observe a lot by just watching.

3. It ain’t over till it’s over.

4. It’s like déjà vu all over again.

5. No one goes there nowadays, it’s too crowded.

6. Baseball is ninety percent mental and the other half is physical.

7. A nickel ain’t worth a dime anymore.

8. Always go to other people’s funerals, otherwise they won’t come to yours.

9. We made too many wrong mistakes.

10. Congratulations. I knew the record would stand until it was broken.

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